ICICI Bank advances on buy call from a foreign brokerage

ICICI Bank rose 0.8% to Rs 303.50 at 14:37 IST on BSE on reports that a foreign brokerage has maintained its buy call on the stock.

Meanwhile, the S&P BSE Sensex was up 296.02 points or 1.1% at 27,128.68.

On BSE, so far 4.05 lakh shares were traded in the counter as against average daily volume of 10.42 lakh shares in the past one quarter.

The stock was volatile. The stock rose as much as 1.52% at the day's high of Rs 305.70 so far during the day. The stock rose 0.54% at the day's low of Rs 302.75 so far during the day. The stock had hit a record high of Rs 393.30 on 28 January 2015. The stock had hit a 52-week low of Rs 266.90 on 17 July 2014.

The stock had underperformed the market over the past one month till 17 June 2015, sliding 3.71% compared with Sensex's 1.8% fall. The scrip had also underperformed the market in past one quarter, declining 9.93% as against Sensex's 6.62% fall.

The large-cap private sector bank has equity capital of Rs 1159.66 crore. Face value per share is Rs 2.

According to reports, the foreign brokerage expects ICICI Bank to post strong growth in retail profits and expects profits to grow at compounded annual growth rate of 17% over FY 2015-18. The brokerage said that ICICI Bank will benefit from stronger deposits growth.

ICICI Bank's net profit rose 10.2% to Rs 2922 crore on 12.2% growth in total income to Rs 16234.73 crore in Q4 March 2015 over Q4 March 2014.

ICICI Bank is a leading private sector bank in India. As at 31 March 2015, the bank had a network of 4,050 branches and 12,451 ATMs.

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